Undertaking given by ANZ Terminals Pty Ltd and Hyperion Investments Australia Pty Ltd

Company or individual details

  • ANZ Terminals Pty Limited
    000 348 407
  • Hyperion Investments Australia Pty Ltd
    600 693 945

Undertaking

On 14 November 2019, the ACCC accepted an undertaking (the Undertaking) given by Terminals Pty Limited (Terminals) and Hyperion Investments Australia Pty Ltd (Hyperion) pursuant to s 87B of the Competition and Consumer Act 2010 (Cth) in connection with Terminals’ proposed acquisition of 100% of the shares in GrainCorp Liquid Terminals Australia Pty Ltd (the Proposed Acquisition).

The objective of this Undertaking is to address the competition concerns the ACCC considers are likely to arise as a consequence of the Proposed Acquisition.  The Undertaking aims to achieve this objective by placing obligations on Hyperion and / or Terminals to:

  1. ensure that Hyperion, Terminals and any related bodies corporate to Terminals or Hyperion, do not, for a period of 10 years from the Commencement Date of this Undertaking, acquire any direct or indirect interest (including but not limited to a lease or licence) in any land on Coode Island, at the Port of Melbourne, in which Terminals or GrainCorp does not have an interest as at the Commencement Date of this Undertaking, unless Clearance has been obtained;
  2. ensure that the Divestiture Business (the terminal operated at Osborne, South Australia, which provides bulk liquid import and export supply services) is sold to an Approved Purchaser;
  3. create or strengthen a viable, effective, stand-alone, independent and long term competitor in the provision of bulk liquid storage in South Australia;
  4. ensure the purchaser of the Divestiture Business has all the necessary associated assets and rights to compete effectively with Terminals in the provision of bulk liquid storage in South Australia;
  5. maintain the economic viability, marketability, competitiveness and goodwill of the Divestiture Business prior to divestiture; and
  6. provide for the effective oversight of Terminals’ compliance with this Undertaking.